Hyundai Elevator Signs 96 Bilion Elevator Deal

Hyundai Elevator Co., the manufacturer of elevators, escalators, and moving walkways, said on March 4 that it signed a contract worth 67.8 billionwon to supply elevators to Iraq’s Bismayah New City project. It will sign another contract worth 28.0 billion won on the 6th for the elevators’ installation.

A Hyundai Elevator official said, “This is the largest deal ever since our founding in 1984 and quite rare in the elevator industry.” With the latest order, the company will deliver a total of 1,668 elevators to the Iraqi project by 2019. The same official said, “We expect this to be an important momentum for us to expand our presence in the whole Middle East.”

The Bismayah New City project is part of the postwar reconstruction program initiated by the Iraqi government. The city is located 10 kilometers east of Baghdad. On a total area of 18.3 square kilometers, it will accommodate 600,000 occupants in a total of 100,000 residential units.

About Bismayah New City – National Housing Program

BNCP is the first and the biggest city development project throughout the history of Iraq. Bismayah city is located 10km south east of Baghdad on the Iraqi-Kuwaiti Highway, spread on a total area of 1,830 Hectare area and is planned to accommodate around 600,000 occupants in a total of 100,000 residential units. Also the infra-network such as electricity, water supply, and streets will be constructed. As well as the infra-network, the Government of Iraq will develop the public facilities such as education, religious, welfare, and commercial facilities as well as infra-structure such as Water and Sewage Treatment plants.Bismayah New City will fill the lives of 600,000 citizens of Baghdad with happiness and be the most outstanding world class city beyond Iraq and Middle East as the first project of the National Housing Program.